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The presentation of the 2011 Public Accounts fulfils our commitment to Islanders of complete transparency of the Provincial finances in advance of the October election, says Finance and Municipal Affairs Minister Wes Sheridan.

“Through diligent fiscal management, we have met or exceeded our budget targets for each of the last four years. In fact, the 2011 deficit of $52.5 million is $2.4 million less than budgeted,” said Minister Sheridan. “The actual deficit for 2011 represents an improvement from 2010 of $21.9 million, keeping on track for a return to balance in 2013/2014.”

Today Minister Sheridan tabled Volume One of the 2010/2011 Public Accounts.

Prior to the 2003 provincial election, the previous administration forecast a deficit of $8.0 million, while audited numbers released following the election revealed the actual deficit was $83.8 million. To eliminate such discrepancies, amendments were proposed to the Financial Administration Act by Minister Sheridan. Those changes were passed in the legislature in 2008. In the future, Public Accounts including audited financial statements must be made available by August 31 when a fixed-date election is to be held in the month of October.

“These legal changes mean that Islanders have the assurance that the Province’s finances have been reviewed by the Auditor General prior to the election, offering greater openness and accountability,” said Minister Sheridan.

“I would like to thank staff of the Department of Finance and Municipal Affairs, Auditor General’s Office, and other supporting offices who have worked hard and diligently over the last number of months to ensure we met the new legal requirements.”

Islanders can obtain a copy of the Public Accounts through Island Information Service at 11 Kent Street in Charlottetown, or 902-368-4000. The document is also available for download on the provincial government website at www.gov.pe.ca/finance/publicaccounts.